Alisher Usmanov has denied he is in discussions to sell his 30 per cent stake in Arsenal to majority shareholder Stan Kroenke.

Reports had claimed Kroenke Sports Enterprise UK was set to offer £525million to buy the 18,695 shares held by Usmanov's Red and White Securities Limited.

Despite being the second largest individual shareholder in the Premier League club, Usmanov has not been given a seat on the board, leading to suggestions the Russian businessmen may be considering his long-term options.

However, in a statement issued on Wednesday afternoon, Usmanov moved to allay fears he was set to sell up to the American.

"In recent days there has been speculation relating to a possible offer for my 30 per cent stake in Arsenal. As part of that I can understand the anxiety that these rumours are causing to the fans as reflected by the Arsenal Supporters' Trust," Usmanov said.

"In light of this, I would like to be clear that I am not holding any talks with Mr Kroenke about a sale."